The sacrifice ratio is
A. the number of percentage points that the unemployment rate rises when output declines by one percentage point.
B. the percentage change in employment when output declines by one percentage point.
C. the percentage reduction in inflation when output falls one percentage point below potential.
D. the amount of output lost when the inflation rate is reduced by one percentage point.
Answer: D
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The supply chain refers to
A) the supply curve. B) the process of outsourcing. C) the process of downsizing. D) the process of creating and selling a product.
The excess supply created when the government imposes a price floor
a. shifts the equilibrium price upward to the price ceiling level b. is the difference between the quantity demanded at the old equilibrium price and quantity supplied at the price set by the price ceiling c. is the difference between the quantity demanded at the price set by the price ceiling and quantity supplied at the old equilibrium price d. is the difference between the quantity supplied and the quantity demanded at the price set by the price ceiling e. is the difference between the old equilibrium price and the price set by the price ceiling
Permits that allow a firm to emit a specific amount of pollution are called ____________
a. Pigouvian or pollution taxes b. tradable pollution permits c. pollution standards d. technology-based regulations e. None of the above.
Accounting profit can be calculated as
A. total revenue - explicit costs. B. total revenue - explicit costs - implicit costs. C. total revenue - implicit costs. D. total revenue - opportunity costs.